FONDEP, one of Morocco’s leading microfinance institutions, has chosen Infosys Finacle for its strategic core banking transformation program. The Finacle solution will help FONDEP adapt to changing customer needs by enabling them to offer relevant products to their customer base.
- The comprehensive capabilities of the Finacle solution will enable FONDEP to accelerate its strategy of expanding beyond micro-credit activities
- The new platform will also enable FONDEP to distribute its existing range of micro-insurance products to its clients in urban and rural areas
- The program will be deployed in French, underlining Finacle’s readiness for the French speaking North African banking sector
- The deployment will be supported by specialist teams located across the Infosys global network, including those based at the company’s development center in French speaking Mauritius
Mouatassim Belghazi, Chairman, FONDEP:
"FONDEP’s mission is to contribute to financial inclusion and the fight against poverty in Morocco. As part of this mission, the efficiency of operations and cost reduction for customers requires the implementation of an effective information system. We are confident that Finacle is the core banking solution that will enable us to achieve our objectives.”
Amit Dua, Regional Head, Advanced Markets and Global Accounts, Finacle, Infosys:
"Banks need a platform that will enable them to offer a wider range of services needed to support economic growth that the African market promises. The Finacle deployment at FONDEP gives us the opportunity to demonstrate our ability to partner with banks in the French speaking market of this region. It will act as a springboard to extend our presence in this region.”
FONDEP is a Moroccan microfinance institution founded in 1996, with a current portfolio of 130,000 clients and loans outstanding of MAD 850 Million representing 20% of the total microcredit market in Morocco. FONDEP currently employs 1,150 employees through a network of 178 branches nationwide. Visit
Infosys is a global leader in consulting, technology and outsourcing solutions. We enable clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.
www.infosys.com to see how Infosys (NYSE: INFY), with US$ 8.25 billion in annual revenues and 160,000+ employees, is Building Tomorrow's Enterprise® today.
Certain statements in this release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2014 and on Form 6-K for the quarter ended December 31, 2013. These filings are available at
www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that the date of this press release is mentioned at the beginning of the release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.